Ford Stock – RBC upgrades Ford on its new electric vehicle strategy, sees the shares rallying 20% from here
Ford Motor Company unveils their new electric F-150 Lightning outside of their headquarters in Dearborn, Michigan on May 19, 2021.
Jeff Kowalsky | AFP | Getty Images
Ford’s updated business strategy should bring investors off the sidelines as the company’s electric vehicle future becomes more clear, according to RBC Capital Markets.
The Detroit automaker unveiled a new turnaround plan at an investor day on Wednesday, which calls for more than $30 billion in investments in electric vehicles through 2025 and targets 40% of its sales as electric by 2030. The company also recently started accepting reservations for the all-electric F-150 Lightning.
RBC analyst Joseph Spak upgraded the stock to outperform from sector perform, saying in a note to clients on Thursday that the new plan addressed some lingering concerns about the company’s pivot to electric vehicles.